Spyker considers sale of Formula One team

Spyker Cars, the Dutch company which owns the Spyker Formula One team,
is considering selling part or all of the team due to a refinancing
plan and is also making changes to the senior management. In a statement on
August 14th Spyker said that ...

Spyker Cars, the Dutch company which owns the Spyker Formula One team,
is considering selling part or all of the team due to a refinancing
plan and is also making changes to the senior management. In a statement on
August 14th Spyker said that negative publicity from the Dutch media
earlier this year about the company's financial status had a detrimental
affect in regard to investors and sponsors.

Spyker F1 Team.

Photo by xpb.cc.

Spyker subsequently appointed an interim financial director and
a consultancy firm to strengthen management and advise on future
development. The company stated that continued media speculation
"has induced a number of third parties to make unsolicited offers,
including several for the (partial) acquisition of the Formula One Team.
Management will begin active consideration of these offers forthwith."

Michiel Mol, director of Spyker Formula One Racing, is also considering
a formal offer. To avoid a conflict of interests Mol and Spyker
management have agreed that during discussions he will temporarily step
down as director and also will "permanently relinquish" his
position as CEO of Spyker Cars.

The director's role will remain vacant while talks about the possible
sale of the team are ongoing, and in the interim the CEO position will be
taken by Hans Hugenholtz, Vice Chairman of the Supervisory Board.

"Of the various refinancing scenarios being considered, the (partial)
sale of the Spyker Formula One Team is but one possibility," the
statement said. "Due to the ongoing nature of the review process it
is too early for Spyker Cars N.V, to anticipate or speculate on the
possible outcome."

It went on to say that Spyker Cars will be loss-making this year and the
F1 team will not be "cash neutral" due to a higher than expected team
expenditure as well as currency fluctuations and "less than anticipated
revenues from the main income streams, such as television rights and
sponsor income…" The statement concluded that the "short term liquidity
position of the company is tight."

Spyker took over the Midland F1 team in September 2006 and entered this
year's championship under its own name, with drivers Adrian Sutil and
Christijan Albers. In July Albers was dropped after one of his personal
sponsors apparently did not keep up payments. Team test driver Markus
Winkelhock stood in for the European GP then Sakon Yamamoto was hired
for the rest of the season.